Seeking info, Other/Just Looking in Middletown, NJ

415 Argyle Road -- anyone know why one 2BR is listed at $419,000, and another there is listed at $449,000?

Asked by Seeking info, Middletown, NJ Fri Apr 4, 2008

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Rhonda Holt’s answer
Hello, I checked and seen that the building is very large and with this in mind there are going to be sellers with the same type of unit listed at different prices. There may be a difference in the condition, layout, square footage, floor, maybe one seller needs to go quick and lowered the price, or maybe the higher priced seller is just asking to much.

There are so many scenarios that it could drive you crazy. So what you need to do is view the two properties and make a comparison. Also find out from a realtor how much the two bedroom units sold for in the last six months.

I hope my answer helped you.

Rhonda Holt
Full Time Top Sales Agent
Specializing in Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
Brooklyn, NY 11203

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0 votes Thank Flag Link Wed Nov 25, 2009
I've lived in Brooklyn all my life and in Ditmas Park for 7 years (currently in a 2 bdrm Co-op I've owned for 4 years) and have seen things go up and down enough to realize that most sellers have a very distorted view of reality and the "worth" of their property. Many sellers think their co-op is worth what they paid + what they spent fixing it up after they purchased and this is simply just NOT the case. The best way to determine the listing price is to review recent comparable sales in your immediate area. Many sellers are stuck on what was happening at the height of the market a couple years back. A quick look at Ditmas Park co-op prices right NOW would indicate that it's going to be very hard to sell a co-op at $449k. As the realtor below said, an asking price is often a wish list. Luckily, with the market crash, Brooklyn and Manhattan haven't been too affected but today's buyers are very savvy and demanding, as they should be. Sellers are very emotionally attached to what they perceive as an effort and expense on their part as far as what they have put in to their property. It doesn't make any sense for a buyer to spend well over 400K for a co-op, no matter how much work was put into it. At or near that price, in today's market, you can get a condo which offers much more flexibility and value in the long run. Take a look at that new building on Beverly and E 16th. They are selling CONDOS for far less than $449K, with maintenances that are less than half of 415 Argyle...brand new and very tastefully done units. And I'm sure this will be the case when that other new builiding is completed on Ocean and Farragut. My co-op was a great starting point for me as I was in my 20s, young professional and wanted to stay in the nabe I had been renting in for so long. Right now, in my building, there are 2 IDENTICAL apartments, where one asking price is 20K higher than the other. The lower price is a sponsor sale and savvy buyers will know to look out for those, esp b/c they don't have to get board approval and though they are top-tier, high end renovations that you might find in a re-sale, sponsor sale units ARE completely gutted and new and look pretty decent. So guess which one is gonna go faster, the sponsor or the resale who is asking 20K more with no significant difference? Bottom line, if you want to sell in this market then you need to get over yourselves!
0 votes Thank Flag Link Wed Nov 18, 2009
Your response should be shown to the seller of the higher cost apartment ... they should see it how a buyer sees it and lower the price.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sun Apr 13, 2008
2 apartments for sale - both "M" line (2 bed 1 bath) one on the second floor, one on the fifth with the lower floor at 419K and the higher floor at 385K. The 419K has a more modern renovation and the 385 is a more generic albeit tasteful renovation. The upper floor is a sponsor unit, the lower floor is a resale. The lower floor alleges a balcony but I think it is a bogus compared to the duplexes in the bldg that have both. I have seen both and they are both overpriced. I think 370's for both. In a boom market the highest sale for a duplex was I think 450K. They are nice apartments and well situated for Ditmas Park (right down the block from Cortelyou) but I think this resale person must come down fast. Right now, I would pay less for the Sponsor unit and use the savings to spruce it up, No b-d approval and all. But until I see a little more downward motion on prices, I am waiting.
0 votes Thank Flag Link Sun Apr 13, 2008
Zack, thanks for your further clarification. I do believe you're right.

I was just wondering -- if these had indeed been two apartments -- what the tangible differences were, if any. You're right, too -- delusion and other forms of non-reality do seem to play a part in the buying and selling of real estate.
0 votes Thank Flag Link Mon Apr 7, 2008
Since I've answered this question twice without any real input, I'll clarify my initial response. Luv, its actually pretty common for two apts in the same complex that may be identical to have different prices. The seller's may have different motivation, one may be delusional, or more delusional, etc. In Westchester right now, at 343 Central Park ave there are a number of units available, most using the exact same pictures, some have the same prices, others do not. I have no idea why this would be, but it definitely happens. My response was short, but that was the point. A neutral appraiser could find the properties to be of the same value, but the seller's opinion and the realtor's influence drive the asking price, so it can differ wildly.
0 votes Thank Flag Link Mon Apr 7, 2008
Thank you for replying, brooklynbroo.../Mr. or Ms. Homeowner. Boy, do I wish we were ready to buy, because your apartment looks wonderful. We won't be ready for a while. We do not have to move -- this will be a return to Brooklyn after an attempt at the 'burbs. We have a couple of things keeping us in place for a little while -- low real estate prices not the least of them. Meanwhile, I am conducting thorough research, keeping an eye on apartments, prices, etc. But a big, big question: is 415 Argyle a dog-friendly building? I'm afraid to look, because I know dog/pet friendly co-ops in your neighborhood are not numerous.
0 votes Thank Flag Link Mon Apr 7, 2008
I may just be a simpleton, but if it was certainly worth 449k, it would've sold at 449k, since it did not/has not, then it doesn't appear to be worth 449k.

I find it very amusing that my first answer was actually wrong.
0 votes Thank Flag Link Mon Apr 7, 2008
Its actually our apt. that you are referring to. Further, it is the same apt., not two different apts. with different realtors. Our apt. was listed at 449K and then we decided to lower the price to 419K. The apartment is certainly worth 449K (renovated within the last year, granite and stainless steel and vessel sinks for example), but we are looking to sell it quickly (and considered to reduce the price) as our pregnancy is moving along and our 2nd little one is due shortly. We love the apt and adore the neighborhood but we are looking to move before our due date approaches. Again, its a great apt. and suited us for almost 10 years, but with our expanding family, we need more space-otherwise we would definitely be staying. Hope this helps. If you are interested, you can email us at 415forsale@gmail.com .
0 votes Thank Flag Link Mon Apr 7, 2008
Thank you, Zack in Westchester, for that helpful and insightful reply. Now, perhaps I will be as specific as I should have been the first time: does anyone have *specific* knowledge of the apartments for sale at 415 Argyle? Perhaps a resident of the building or someone who has gone to see the apartments as a potential buyer? Does the more expensive one truly have better fixtures and finishes; is it larger? More advantageously located in the building.
0 votes Thank Flag Link Sat Apr 5, 2008
Because they have different sellers.
0 votes Thank Flag Link Fri Apr 4, 2008
If you are working with a Realtor, ask him/her to let you know if there are any signficant differences in the properties.

I lovingly call a listing price a wish list...if it is not based on recently sold comps in the immediate area (3-4 months) it is often a price the seller hopes to achieve.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Fri Apr 4, 2008
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